The SEC has shown in bringing this case, and countless others, that its true interest lies in political grandstanding and land… - Binance.US □□ June 6, 2023 The SEC's latest filing represents legal maneuvering rather than genuine concern for customers and the safety of their assets. Furthermore, the platform announced that any USD balances held after June 15 may be converted into stablecoins that can be withdrawn on-chain. In addition to the suspension of USD deposits and withdrawals, Binance.US has also announced that all USD trading pairs (for example, BTC-USD) will be suspended in the coming week. “Moreover, trading, staking, deposits, and withdrawals in crypto remain fully operational.” “Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures,” Binance.US’s statement read. The exchange, which is managed by BAM Trading, has reassured its users that it maintains one-to-one reserves for all customers and that all operations are currently functioning as usual despite the impending changes. This has led to Binance.US transitioning, at least for the time being, to an all-crypto model. and our business partners have not been spared in the use of these tactics, which has created… /rlIe6swIoY- Binance.US □□ JSwitching to an all-crypto model “for a time” The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. We encourage customers to take appropriate action with their USD.” “As a result,” Binance.US wrote on its Twitter account yesterday, “in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. The exchange attributed the move, which is expected to take effect as early as June 13, 2023, to its banking partners, who have indicated their intention to suspend USD fiat operations with the company. Securities and Exchange Commission’s (SEC) civil lawsuit filing against Binance, the most popular crypto exchange by volume, continues this week, with Binance.US, the American arm of the global exchange, announcing a temporary halt to all fiat withdrawals late Thursday, June 8.
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